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Buy to let Property Company
ambercelery
Posts: 51 Forumite
Hi Everyone
I'm after some general advice.
I am in the process of purchasing my second property (I currently live in my first property). The new property is a flat which I will be letting on AST.
I obviously have done all the maths for rental income, and having to cover the mortgage if I am without tenants for a number of months etc.
I am thinking about setting up a company to deal with the letting of this flat. As far as i am aware i would be able to transfer the ownership of the property into the company. Then i can handle the letting of the flat to tenants through the company.
As an individual, I know that my rental income can be offset against the interest that i am paying on my mortgage, and any income on top of that would get taxed as personal income.
By setting up a company, i believe that I would be able to keep this income within the company until i reach income for corportation tax levels.
Can anyone provide me with any more information?
Or if you have done a similar thing i would be grateful to hear from you.
Also, does anyone know how easy or how much it costs to transfer a property that I currently have mortgaged in my name , into a company that own 100% of.
I look forward to hearing any information.
I'm after some general advice.
I am in the process of purchasing my second property (I currently live in my first property). The new property is a flat which I will be letting on AST.
I obviously have done all the maths for rental income, and having to cover the mortgage if I am without tenants for a number of months etc.
I am thinking about setting up a company to deal with the letting of this flat. As far as i am aware i would be able to transfer the ownership of the property into the company. Then i can handle the letting of the flat to tenants through the company.
As an individual, I know that my rental income can be offset against the interest that i am paying on my mortgage, and any income on top of that would get taxed as personal income.
By setting up a company, i believe that I would be able to keep this income within the company until i reach income for corportation tax levels.
Can anyone provide me with any more information?
Or if you have done a similar thing i would be grateful to hear from you.
Also, does anyone know how easy or how much it costs to transfer a property that I currently have mortgaged in my name , into a company that own 100% of.
I look forward to hearing any information.
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